Shiba Inu Makes A Skyrocketing Price! These Are The Price Levels For A Bullish Breakout

The post Shiba Inu Makes A Skyrocketing Price! These Are The Price Levels For A Bullish Breakout appeared first on Coinpedia Fintech News

Is SHIB’s price staggering surge a sign of a bullish season or a risky gamble? Well, the answer to this remains a mystery as the meme coin’s price trades unpredictably nowadays. The popular meme coin Shiba Inu has made a solid start this year, gaining over 40% in just a few days, pushing investors to invest in this meme coin as the upcoming launch of Shibarium beta creates high anticipation among the meme community. 

Will SHIB Price Accomplish Its Bullish Goal?

Shiba Inu’s bullish potential has now become a trending topic in the altcoin market as it paves its way to touch extreme highs in the next few weeks. However, Shiba Inu is preparing to test its potential with the release of US GDP numbers this Thursday, and its current price trend does not look promising. 

As a result, SHIB may flash a slight downward correction and fall under intense selling pressure soon as it may develop a challenging situation to hold its uptrend. 

In the last few days, the developing team of SHIB has continued to burn millions of SHIB tokens as the primary goal of the much-awaited Shibarium Layer 2 solution is to reduce the enormous circulation supply in order to stabilize the token’s price.

With optimistic comments from SHIB developer Shytoshi Kusama, the meme coin may invalidate any bearish analysis and quickly climb to break through its next resistance levels. 

Shiba Inu To Turn Bullish Above This Level

The exponential surge in the SHIB price has caught the attention of potential investors to invest in this meme token amid an uncertain market sentiment. As the SHIB price inches closer to forming new tops, its uptrend wins the hearts of altcoin traders. 

According to CoinMarketCap, SHIB’s price hovers around $0.00001157 with an uptrend of 3.15%. Looking at the daily price chart, the token may spark a short-term bearish retracement to trigger a strong upward rally.

SHIB price forms a ‘cup-handle’ pattern which may slump the token below the 23.6% Fib retracement to $0.00001083 near EMA-100. However, after retesting its support, SHIB may again initiate a bullish rally and follow its Elliott wave to break above its Bollinger band’s upper limit and trade near $0.000015. 

However, the SMA-14 slowly heads toward an overbought region at level 76, which may begin a freefall for the SHIB token if the market makes a reversal due to high selling pressure. A breakout below EMA-50 may thrash the digital asset to trade at a bottom level of $0.00000775.